What is a strategy canvas and how to create one (with examples)

The strategy canvas, introduced by W. Chan Kim in his book "Blue Ocean Strategy," is a versatile tool used to evaluate competitive markets and identify opportunities for creating uncontested market spaces. By comparing players based on critical competing factors and scoring their performance, the strategy canvas provides a visual representation of where competitors excel or underperform. It is complemented by the four actions framework, which involves raising, reducing, creating, and eliminating factors to strengthen a value proposition and outcompete others. This approach was effectively used by [yellow tail] to create a new wine market category and by Southwest Airlines to establish a unique air travel segment. While less common than other frameworks, the strategy canvas and four actions framework offer invaluable insights for mapping competitors, exploring cross-industry inspiration, and planning a value proposition.

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